Putin's clampdown on oil giant Yukos has investors running scared
Published:
30 August 2004 y., Monday
As much as $12bn (£6.7bn) is expected to be taken out of Russia this year, in the wake of the Yukos affair. Official estimates for capital flight out of Russia put the figure at nearly six times last year's $2.3bn.
The capital flight has been sparked by the targeting by Russian tax authorities of Yukos, the Russian oil company, which provides 2 per cent of the world's oil. It is feared other companies could be next.
This weekend Yukos warned it might have to cut production next month if Russian authorities do not give it more time to pay billions of dollars of backdated taxes they claim it owes.
The tax ministry has levied 100bn rubles ($3.4bn) of backdated taxes for 2000. The deadline for payment is tomorrow. Similar taxes could be charged for 2001 and 2002.
The company said last week that it was cutting spending by $700m a year so it could continue normal operations, as tax officials have frozen accounts. Officials "swept" $900m from the accounts last month to meet the back-dated 2000 bill. The company must also pay current taxes.
Šaltinis:
news.independent.co.uk
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
New rules for the EU's single market will make it easier to live and do business anywhere in Europe.
more »
MEPs were disappointed that the Commission's EU budget review document had not sought the radical revision that the EU needs, they told Budgets Commissioner Janusz Lewandowski in a Policy Challenges Committee debate on Thursday.
more »
On 25 October, the Commission adopted the decision to financially support the 2011 electoral process in the Central African Republic.
more »
New EU framework for crisis management in the financial sector for managing problems before they spiral out of control.
more »
The financial crisis laid bare the limits of self-regulation, demonstrating the need for strong EU economic governance, surveillance and policy co-ordination, say two non-legislative resolutions voted by Parliament on Wednesday.
more »
The European Commission has approved an application from Germany for assistance from the European Globalisation adjustment Fund (EGF).
more »
Global and EU- level taxes on financial sector would help to fund international challenges such as development or climate change and fix the fallout from the global economic crisis.
more »
The European Investment Bank and African Development Bank today agreed to provide EUR 45m to design, build and operate onshore wind farms on four islands in the Cape Verde archipelago.
more »
MEPs want future EU budgets to accommodate new policy priorities as well as negotiations on new sources of financing.
more »
The European Parliament's Budgets Committee on Monday backed EU funding for 3,731 workers in Portugal, the Netherlands, Spain and Denmark who were made redundant due to the closure of their companies.
more »